New Administrative Capital Company to Float Shares in IPO -Chairman

• Sunday, 27th November 2016
• by Karim Mohy

Up to one third of the shares of the Administrative Capital for Urban Development, the company responsible for building the new administrative capital in East Cairo, will be floated in an upcoming IPO at a date yet to be determined, according to the company’s Chairman Ayman Ismail, speaking at a conference organized by the American Chamber of Commerce in Egypt on Sunday.

Public Lottery Announced to Distribute 2,654 Land Plots in Badr City

• Sunday, 27th November 2016
• by Karim Mohy

A public lottery will take place Sunday at the Arab Contractors Stadium to allocate 2,654 land plots located in Badr City as part of the scheme for allocating 16,400 land plots in eight new cities.

El Alamein to be Demarcated as Separate Governorate -Source

• Sunday, 27th November 2016
• by Karim Mohy

The government is planning to demarcate El Alamein as a separate governorate from its current jurisdiction of Matrouh, an unnamed source at the Ministry of Housing, Utilities, and Urban Communities speaking told Invest-Gate.

Housing Ministry Signs Protocol with Real Estate Chamber to Resolve Developers’ Issues

• Sunday, 27th November 2016
• by Karim Mohy

Mostafa Madbouly, Minister of Housing, Utilities, and Urban Communities and Tarek Shoukry, Head of the Chamber of Real Estate Developers at the Federation for Egyptian Industries, signed a cooperation protocol aiming to resolve challenges facing real estate developers.

ARCO Launches Final Phase of Le Reve Development in Kattameya

• Sunday, 27th November 2016
• by Karim Mohy

Al Arabia Real Estate and Development (ARCO) has launched the final phase of its project Le Reve at a total investment cost of EGP 1 bn.

3 Hotel Companies to Manage City Stars Al Sahel

• Sunday, 27th November 2016
• by Karim Mohy

Al Arabia Real Estate and Development (ARCO) has signed contracts with Fairmont Hotels, Raffles Hotels & Resorts, and Swissotel to handle management for City Stars Al Sahel in the North Coast.

Samih Sawiris: Real Estate Sector Could be Heading Toward Bubble

• Sunday, 27th November 2016
• by Karim Mohy

Due to the current decline in purchasing power amid the depreciation of local currency and a large supply, the Egyptian real estate market could potentially be heading towards a bubble, Chairman of Orascom Development Holding Samih Sawiris said.

Housing Ministry Demands More Clout in New Investment Law -Sources

• Thursday, 24th November 2016
• by Karim Mohy

The Ministry of Housing, Utilities, and Urban Communities is seeking to expand its authority in offering lands through the General Authority for Investment and Free Zones (GAFI), as well as a greater role for the New Urban Communities Authority (NUCA) in the upcoming investment law currently being drafted, according to unnamed government sources.

Rowad Tourism Losses Continue in Q3 2016

• Thursday, 24th November 2016
• by Karim Mohy

Rowad Tourism Company recorded a net loss of EGP 391,000 in the third quarter of 2016, compared to a loss of EGP 1.5 mn in the same period last year, according to the company’s statement to the EGX.

Planned Sewage Projects in Giza and Qaliubiya 50% Completed

• Thursday, 24th November 2016
• by Karim Mohy

The National Authority for Potable Water and Sewage has completed 50% of its planned sewage projects in governorates of Giza and Qaliubiya, according to unnamed sources.